Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe Sells 5,000 Shares

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Christopher Brian Slowe also recently made the following trade(s):

• On Monday, September 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The stock was sold at an average price of $65.56, for a total value of $721,160.00.
• On Tuesday, August 20th, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The stock was sold at an average price of $53.99, for a total value of $1,133,790.00.

Reddit Stock Up 1.2 %

RDDT stock opened at $78.62 on Friday. The business has a 50 day moving average of $64.58 and a 200-day moving average of $59.69. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $81.36.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same period in the prior year, the company earned ($0.70) earnings per share. The business’s revenue was up 53.6% on a year-over-year basis. As a group, analysts expect that Reddit, Inc. will post -4.1 EPS for the current year.

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently bought and sold shares of the company. DekaBank Deutsche Girozentrale bought a new position in Reddit during the first quarter valued at $7,363,000. Commonwealth Equity Services LLC bought a new position in Reddit during the first quarter valued at $1,111,000. VY Capital Management Co. Ltd. bought a new position in Reddit during the third quarter valued at $474,403,000. Claro Advisors LLC bought a new position in Reddit during the third quarter valued at $2,557,000. Finally, BNP Paribas Financial Markets bought a new position in Reddit during the first quarter valued at $37,000.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Raymond James upped their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Piper Sandler increased their price objective on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. B. Riley increased their price objective on Reddit from $75.00 to $87.00 and gave the stock a “buy” rating in a research note on Monday. Roth Mkm increased their price objective on Reddit from $66.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. increased their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average target price of $72.78.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.